A Startup Seeks SEC Approval for Tokens Raises $12 Million in Seed Funding

Cryptocurrency project Prometheum raised $12 million in seed funding this week before the company gears up to offer a Securities and Exchange Commission (SEC)-approved security token to investors in early-2019,reportedAmerican Bankeron December 21, 2018.

Unlike mostICOprojects reeling under the clutches of the SEC’s crackdown on tokens classified as securities, Prometheum’s Chief Executive OfficerAaron Kaplanexpects the watchdog to approve a Regulation A offering for the company’s Ember currency, described as a “smart security” token.

If the approval is granted, investors can legally invest and trade the tokens in the U.S. securities market.

Kaplan claimsPrometheumis the first crypto-venture to have filed for the Regulation A in the U.S. and anticipates an approval prior to launch.He added the firm has “embraced regulation since inception.” Interestingly, regulatory legality for the Ember tokens was first sought in November 2017, with no comments from the SEC on both the form’s status and stage of progress.

He added the firm has “embraced regulation since inception.” Interestingly, regulatory legality for the Ember tokens was first sought in November 2017, with no comments from the SEC on both the form’s status and stage of progress.

The funding round was led by Hong Kong-based Hashkey Digital Asset Group, a holding company that exclusively invests in blockchain and fintech companies and provided consulting services and capital to Prometheum as part of the investment round.The latter’s connection to China is two-fold, with Beijing-based